Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)111TTJ(Ahd.)593
..... applicable only to the taxability of interest form l/c or any other source where the deposit is directly linked to the purchase of machinery or plant, but in no case can be applied to the issue of taxability of receipts for the supply of technical know-how in the case before us; meaning thereby that this decision is also not helpful to the assessee - so far as taxability of receipt from gujarat maritime board are concerned.tuticorin alkali chemicals ..... , but is a consolidated charge, as it appears to be, even the expenses mentioned at (a) above would not be possible to be reduced (from the receipt) unless the same get/are properly identified.5.3 moving forward, and assuming for the moment identification of such additional cost(s) as stand incurred specifically in the execution of the contract, and which would therefore merit reduction (from the receipt(s)), leaves us with the cost(s) that stand already incurred ..... fact that hon'ble supreme court has recognized this concept of admissibility of depreciation on such assets, by holding that such assets are of depreciable nature, we are of the opinion that amendment made in section 32 of the act for granting depreciation on intangible asset can be extended for grant of depreciation in years prior to coming of this amendment on the statute. ..... goodselves are proposing to make is absolutely on the basis of change of opinion and therefore there is no question of initiating the proceedings for the levy of penalty under section 271(1)(c) 17.1. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)112ITD1(Ahd.)
..... in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time limit for making the assessment, reassessment or re-computation as specified in sub-section (2) of section 153, every such notice referred to in this ..... in the light of the aims and object extracted above, it is evident that proviso saves only those notices, which have been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143 or served under clause (ii) of sub-section (2) of section 143 and which are in respect of a returns furnished during the period commencing on the 1^st day of october, 1991 and ending on the 30^th day ..... the tribunal held that the cit (a), instead of quashing the order passed by the ito imposing penalty, should have remitted the matter to the ito for passing a fresh order it accordance with law and directed the ito to pass an order afresh ..... the ito thereupon completed the assessment describing the assessee as "the estate of late sri rangalal jajodia by legal heirs and representatives sri shankar ..... , the words "shall serve on the assessee a notice" imply a duty or an obligation to be performed and, therefore, the words must .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)100ITD247(Ahd.)
..... in this case the question was whether interest paid to the northern railway and the punjab government in respect of the capital borrowed for purposes of the assessee's business was allowable under section 36(1)(iii) of the act and in that connection, the term 'borrowing' came up for consideration and it was held that the term borrow has not been defined in the statute and, therefore, its dictionary meaning has to be looked up. ..... it was true that from the juristic point of view the company was a legal personality entirely distinct from its members and the company was capable of enjoying rights and being subjected to duties which were not the same as those enjoyed or borne by its members. ..... it was contended on behalf of the department that payment of stamp duty on debenture was not an allowable deduction but the tribunal rejected the contention and the high court agreed with the tribunal by stating "the expression in connection with the issue of public subscription of the debentures of the company essentially for the expansion of the business is a very wide expression and it would certainly include the stamp duty payable by the assessee on the debenture issue". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)985
..... learned departmental representative, the question was whether forest land covered by trees of spontaneous growth could be held to be "agricultural lands" within the meaning of section 5 of the estate duty act and in that connection their lordships of the supreme court held that the burden of establishing the exemption from estate duty on the ground that the lands are agricultural lands lies upon the accountable person claiming the exemption. ..... applicable to the year under consideration provides that where the capital asset is an asset forming part of the block of assets in respect of which depreciation has been allowed under this act or under the indian it act, 1922, the provisions of sections 48 and 49 shall be subject to the following modification : "(1) where the full value of the consideration received or accruing as a result of the transfer of the asset together ..... loyalty coupon to the debenture holders and it was an impetus to subscribe to the debenture initially but if the scheme of the assessee is read as a whole, it would be evident that this is a reward for holding of shares after a period of three years of the initial allotment of debentures.the liability of the assessee arises only on expiry of the third year and on subscription of the shares which have been allotted to ..... the loan it will not alter the cost of the asset and if the borrower defaults in repayment of a part of the loan, the cost of the asset will not ..... import business closed in 1953-54 and export business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97ITD125(Ahd.)
..... departmental representative, the question was whether forest land covered by trees of spontaneous growth could be held to be "agricultural land" within the meaning of section 5 of the estate duty act and in that connection their, lordships of, the supreme court held that the burden of establishing the exemption from estate duty on the ground that the lands are agricultural lands hes upon the accountable person claiming the exemption. ..... that the gain could not be assessed as speculative profit as foreign exchange is not a commodity as understood in the sense as a commodity as mentioned in section 43(6) of the act.the cit referred to the printed balance sheet for the year ended march, 1993, and for the earlier period ended on may, 1992, demonstrating that profit and' loss arising out of cancellation of forward exchange contract has been treated as revenue item and ..... in question were entered into in order to insulate itself against adverse fluctuation of exchange rates of foreign currency which were to hedge against any rise in future liability in respect of loans taken for purchase of plant and machinery from abroad.according to the cit, the gains on cancellation of forward exchange contract is revenue receipt and failure on the part of the assessing officer to treat the ..... the loan it will not alter the cost of the asset and if the borrower defaults in repayment of a part of the loan, the cost of the asset win ..... (iv) import business closed in 1953-64 and export business started in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)89ITD203(Ahd.)
..... 3,48,300 is genuine in that event also same is not allowable keeping in view the explanation 2 to section 28, "definition of speculative transaction" contained in section 43(5) and provisions contained regarding set off of speculative losses in section 73 of the income tax act, 1961.for the reasons given hereinabove, i, therefore, hold that alleged loss of sale and purchase of shares amounting to rs ..... of account, documents, money, bullion, jewellery or other valuable article or thing and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian income tax act, 1922 (11 of 1922), or under this act" it is true that an assessee has a right to retract but that has to be based on evidence brought on record to the contrary and there must be justifiable reason and material accepting retraction. ..... he also observed that even otherwise, a statement was made under mistaken facts or under wrong interpretation of law which can very well be retracted by giving cogent reasons for the same supported by necessary evidence which according to him, was given by the assessee by way of filing valuation report showing no investment in house property and investment found as per annexurev of the panchnama being of the ..... penalty proceedings under section 271(1)(c) are initiated on this ..... i pray that i should get relief from penalty and prosecution proceedings. ..... and i pray that i should get relief from penalty and prosecution proceedings. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)94TTJ(Ahd.)361
..... be not there by the judicial member) and the bill of icici shares was issued on 16-2-1993, a date of the search.this bill incorporated that the contract for purchase was on 12-2-1993.no evidence, however, is brought on record as in whether the contract note for the first purchase formed part of annexure a-10 which the assessee stated that he would produce but subsequently expressed his inability to produce as the contract note/document was not ..... he also observed that even otherwise, a statement was made under mistaken facts or under wrong interpretation of law which can very well be retracted by giving cogent reasons for the same supported by necessary evidence which according to him, was given by the assessee by way of filing valuation report showing no investment in house property and investment found as per annexure-v of the panchanama ..... not a broker is normally not allowed to transact business of forward transaction by virtue of section 13 of the securities, contract (regulation) act, 1956, the exception being for spot delivery transactions under section 18 of the said act. ..... order of the cit(a) by observing that the assessee was found to be carrying on several transactions in shares as per seized material found during the search - that one of which was treated to be the contract note for purchase of shares of ipcl; that from the details of the transactions it was seen that the assessee had entered into valid contract ..... i should get relief from penalty and prosecution proceedings. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90ITD170(Ahd.)
..... and proper opportunity has not been afforded to the assessee thus violated the principle of natural justice as well as express provisions of section 142(3) of the act all the more require that the matter should have been set aside for making the said field enquiry report available to the assessee for its comments as directed by the learned jm and then make the fresh assessment instead of endorsing the conclusion of the cit(a) ..... a note of difference - the am upholding the order of the cit(a) in deleting the addition and the jm setting aside the issue for fresh examination by the ao with the direction that the assessee should furnish confirmation/ authenticated application forms to the ao who may conduct the necessary enquiries as provided under section 68 of the act to readjudicate the addition afresh in accordance with law and after giving an opportunity of being heard to the assessee.5. ..... on a difference of opinion between the am and the jm, the following point is referred by the hon'ble president, tribunal, under section 255(4) of the it act for my opinion : "whether, on the facts and in the circumstances of the case, the am is justified in deleting the impugned addition ..... the ito would be entitled, and it would indeed be his duty, to enquire whether the alleged shareholders do in fact exist ..... the hon'ble high court has taken the following view : "the ito would be entitled to enquire, and it would indeed be his duty to do so, whether the alleged shareholders do in fact exist or not. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)88ITD202(Ahd.)
..... the departmental authorities levied penalty for concealment of income or filing inaccurate particulars of income as the prize money claimed to have been received was a device to convert unaccounted money into ostensible prize money and hence imposed penalty under section 271(1)(c) on the assessee. ..... on a careful consideration of the entire relevant facts, we are of the considered opinion that the assessee acted deliberately in defiance of law and was guilty of contumacious and dishonest conduct and was clearly liable to levy of penalty under section 271(1)(c) of the act.the revised return filed by the assessee on the facts of the present case cannot expiate the contumacious conduct on the part of the assessee of obtaining such bogus nri gift and of not showing the said ..... the headnote of the said decision is reproduced hereunder : penalty--concealment of income--search and seizure operations showing that assessee had concealed its income--revised returns filed showing greater income--mere filing of revised returns not sufficient--no evidence that revenue had agreed not to levy penalty--imposition of penalty valid--it act, 1961, section 271(1)(c).' 8. ..... i am, therefore, convinced that this is a fit case for levy of penalty under section 271(1)(c) of the act." 5. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)84ITD542(Ahd.)
..... section 104 of the it act, 1961, provided for levy of additional tax in such cases where the company fails to declare dividend notwithstanding sufficient profits to declare the same.according to the learned counsel, section 104 has since been repealed, there is no disincentive for ..... a dividend within the meaning of sub-clause (e); (iv) any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 77a of the companies act, 1956 (1 of 1956); (v) any distribution of shares pursuant to a demerger by the resulting company to the shareholders of the demerged company (whether or not there is a reduction of capital in ..... but shall not, where the liquidation is consequent on the compulsory acquisition of its undertaking by the government or a corporation owned or controlled by the government under any law for the time being in force, include any profits of the company prior to three successive previous years immediately preceding the previous year in which such acquisition took place-there ..... is a member or a partner and in which he has a substantial interest (hereinafter in this clause referred to as the said concern) or any payment by any such company on behalf, or for the individual benefit, of any such shareholders, to the extent to which the company in either case possesses accumulated profits; (iii) any dividend paid by a company which is set off by the company ..... of law that the assessee is duty-bound to establish the identity .....
Tag this Judgment!